You're reading: CIS entering on final stage of talks on updated treaty on free trade area

The last round of talks on the updated agreement establishing a free trade area in the CIS will be held on December 21, Ukrainian Ambassador to Russia Volodymyr Yelchenko has said.

"This area formally exists, the agreement has been signed by all the countries, but this free trade zone is still virtual," Yelchenko explained during a press club meeting in Kyiv on Wednesday.

An updated agreement on free trade area in the CIS has been already finalized and the last round of talks is to take place on December 21, 2010, he said.

The diplomat added that the experts would analyze the updated agreement on the free trade area so that it could start working next year.

When asked about the prospects of Ukraine’s accession to the Customs Union, Yelchenko said: "The Customs Union has not even started working, and we are already talking about the accession. One day we might find we need to join it, but surely not today."

He also added that all the Customs Union’s countries are not members of the WTO, while Ukraine has joined the organization. Therefore, in the case of Ukraine’s accession to the Customs Union, they need to review the conditions stipulated in the agreement with the WTO, the ambassador said.